Target Beats Lowered Estimates

The #2 big-box retailer in the U.S., Target (TGT - Snapshot Report), posted better-than-expected numbers in its Q209 fiscal earnings report -- 82 cents per share, wheras the Zacks consensus had been 77 cents per share.  This amounts to $634 million profit for the quarter, an 8% drop in quarterly profit according to a Reuters report this morning.

Analysts had been revising their quarterly estimates downward ahead of the company's report, however.  And as many as 6 analysts have lowered estimates within the past month for fiscal year 2009, which ends in January.  So even though TGT officially beat earnings, it marks the fourth straight quarterly profit decline for the company.

That said, the July quarter also represents the second consecutive positive earnings surprise.  For the October quarter, Target is expected to bring 56 cents per share, and $3.49 for the fiscal year.  These numbers have been trickling steadily downward over the past 90 days.